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Motor Insurance

Owning a personal vehicle is widely seen as a matter of pride in India across income groups. However, not everyone considers vehicle insurance or motor insurance to be as important. A motor vehicle is not just a means of transport for people, but it is considered as an asset. Hence, it is important that your asset is adequately protected from unforeseen events through vehicle insurance or motor insurance.

Motor insurance or vehicle insurance is essentially an insurance cover meant for your vehicles, whether you own two-wheelers or four-wheelers, or private or commercial vehicles. Motor Insurance protects cars, bikes, trucks, etc., against damage or loss resulting from an accident, theft, or any other third-party liability

Hence, if you own a vehicle, it is highly advisable that you buy a motor insurance policy from Liberty General Insurance, either online or by visiting any of our branches, and enjoy the peace of mind that comes with an all-round financial protection from any damage or loss.

WHY SHOULD YOU BUY A VEHICLE INSURANCE POLICY?

There are several reasons which make buying a vehicle insurance policy extremely important. Some of them are mentioned below:

Mandatory by law

Third Party Liability insurance is mandatory for all motor vehicles in India. In fact, driving a vehicle without third-party vehicle insurance is a punishable offence in the country, according to the provisions of the Motor Vehicles Act, 1988
Helps save money

A motor insurance policy is likely to cover most of your damage repair expenses on your vehicles, from minor scratches, abrasions or bumps to major body and engine repairs. Spending wisely on vehicle insurance now provides financial protection in the long-term
Protects your loved ones

Accidents are always unforeseen and can sometimes cause irreparable damage in the form of partial or permanent disability or even death of the rider/riders. But you can still secure your family’s finances by buying motor insurance that will compensate them in the event of your unfortunate demise.
Third-party losses

A motor insurance policy will help you pay for property damages or injuries caused to others by your vehicle, thereby covering you against financial obligations caused by an accident.

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FEATURES OF A MOTOR INSURANCE POLICY

The motor insurance policy by Liberty General Insurance offers you a host of attractive features such as:

Hassle-free claims:-Liberty General Insurance’s vehicle insurance policy gives you access to cashless claim service at more than 4,300 network garages.
Easy policy transfer:-If you already have a motor insurance policy from some other insurance provider, you can get it transferred to Liberty General at the time of renewal in order to avail better services or prices.
Additional protection availability:-You can choose from several additional protective covers with your vehicle insurance according to your convenience for your two-wheelers and four-wheelers. For instance, if you add a Roadside Assistance Cover, Liberty General Insurance provides you roadside assistance facilities that give you immediate support in case of a breakdown or an accident.
Efficient telephonic services:-You can get effective claims support and assistance from 8:00 am to 8:00 pm seven days a week on all doubts regarding your vehicle insurance.
No paperwork:-The fully digital solutions by Liberty General Insurance would help you avoid trips to your branch offices for a signature, etc., thereby making the whole process of buying/renewing the vehicle insurance policy truly online

WHY CHOOSE LIBERTY GENERAL INSURANCE?

Liberty General Insurance is a leading general insurance provider in India, with over 94% of claims settled in 2019-20.

Vehicle insurance policies from Liberty General Insurance – whether, for cars, two-wheelers or commercial vehicles, are the best-in-class and give you more than just basic protection.
For two-wheeler owners, Liberty General Insurance offers a unique and exclusive multiyear vehicle insurance policy where you can pay your premium once and get long-term coverage of up to three years.
Besides that, you get the option to choose from several other additional protective covers for your two- and four-wheelers along with the main motor insurance plan to address specific requirements.
As a Liberty General Insurance policyholder, your vehicle insurance policy will give you access to inspection and cashless claim services at more than 4,300 network garages.
Over 1,200 dedicated Liberty General Insurance employees are spread across over 110 locations in 29 states and 95 cities in India to provide comprehensive and dedicated support to service all your insurance needs related to vehicle insurance. So, make a smart choice by choosing motor insurance policy from Liberty General Insurance.

TYPES OF MOTOR INSURANCE IN INDIA

Liberty General Insurance offers three main kinds of motor insurance policies in India – car insurance, two-wheeler insurance and commercial vehicle insurance. Let’s take a detailed look at them:

Car Insurance:-Car insurance policies provide car owners with coverage against accidental loss or damages to their own car or a third party. The amount of premium payable for vehicle insurance depends on the make and value of the car, the state from where it is registered and the manufacturing year.
Using a car insurance premium calculator, you can calculate the estimated vehicle insurance premium for your car insurance online. Just enter your requirements in the online premium calculator to know about Liberty General Insurance vehicle insurance policies and add-on covers and get instant vehicle insurance quotes.
Two-Wheeler Insurance:-Two-wheeler vehicle insurance provides protection to bikes, scooters, or any other motorized two-wheeled vehicle. The policies by Liberty General Insurance cover your two-wheelers against any own damages as well as any accidental loss caused to third party property or person. Similar to car insurance, the premium of a two-wheeler vehicle insurance policy depends on the age of the bike, its make and model, registration year, etc.
Besides that, you can choose either an annual policy for vehicle insurance which is valid for a year and where premium is paid annually, or you can opt for the unique multiyear policy where you can pay your premium once and get long-term coverage of up to three years.
Commercial Vehicle Package Policy:-The commercial vehicle insurance by Liberty General Insurance is a complete insurance cover to protect corporate fleets. The commercial vehicle package policy protects your business from financial losses which may occur due to any accidental damage to your vehicle, or legal liability towards a third party or property damage on account of any accident involving your commercial vehicle(s).
The vehicle insurance cover offers protection for various types of vehicles of different ranges and sizes and provides assurance that the functioning of a business will be least affected in any unfortunate situations.

MOTOR INSURANCE COVERAGE

At Liberty General Insurance, there are three types of vehicle insurance covers:

Third-Party Insurance:-Third-party insurance is essential and mandatory for every vehicle plying on Indian roads. It only covers loss or damage suffered by a third party in case of an accident. Notably, this policy does not cover any loss or damage to the insured vehicle.
Stand-Alone Own Damage Policy:-An Own Damage insurance cover will cover any damage to your own vehicle that has not happened because of a third party. For example, the policy covers you in cases of theft of the insured vehicle or if a tree falls on your parked vehicle. This policy does not cover you against any third party incidents.
Comprehensive Insurance:-This type of vehicle insurance policy includes loss or damage to the insured as well as the third-party, in case of theft or accident. In this type of policy, the policyholders can buy various add-ons in order to enhance their coverage.

INCLUSIONS UNDER MOTOR INSURANCE

Whether you are buying a Liberty General Insurance motor insurance online or offline, there are certain inclusions and exclusions you need to know about before you file a claim. Here’s a look at the damages covered under the motor insurance policy:

Damage to the vehicle arising out of an accident due to an external impact
Damage to the vehicle due to floods, typhoons, hurricanes, storm or tempest inundation, cyclones, hailstorms or frost.
Damage to the vehicle due to an earthquake, landslide or a rockslide.
Loss of the vehicle through burglary, housebreaking, or theft.
Irreparable damage of the vehicle due to a fire, explosion, self-ignition, lightning.
Damage due to malicious intent including riots, strikes, or terrorism.
Accident to the vehicle while in transit by road, rail, inland waterway or on a lift.
The vehicle insurance policy covers the vehicle owner’s legal liability to pay compensation for death or bodily injury to a third-party person and any damage to third-party property in the event of an accident involving the insured vehicle.

MOTOR INSURANCE POLICY EXCLUSIONS

Your Liberty General Insurance motor insurance policy excludes the following:

Wear and tear from daily commute, mechanical or electrical breakdown, failure or breakage.
Damage caused by a person driving with an invalid driving license or under the influence of alcohol/drugs.
Loss as a consequence of depreciation in your vehicle’s value.
Claims arising out of contractual liability.
Loss/damage to your vehicle due to war, civil war, mutiny, nuclear perils, etc.
Damage to tyres and tubes unless it is during an accident.
Driving under conditions other than under ‘limitations of use’. (E.g. Using a private car as a cab).
Loss/damage of your vehicle outside India.

PARAMETERS THAT AFFECT VEHICLE INSURANCE PREMIUM

Understanding the way vehicle insurance premiums are calculated can help policyholders make an informed decision about the kind of cover they choose. Let’s take a look at some such parameters of vehicle insurance:

Type of cover:-A comprehensive motor insurance policy, which covers both the insured vehicle as well as a third party, would always ask for a higher premium than the ‘Liability only’ or ‘Third-Party’ cover provided in some forms of vehicle insurance.
Geographical location:-A motor insurance policy for vehicles registered in metropolitan cities may have a higher premium than for those registered in tier-II and tier-III cities as chances of accidents can be comparatively higher for the former.
Insured’s Declared Value (IDV):-IDV of the vehicle reflects its market value that is determined based on the manufacturer’s listed selling price and depreciation based on the vehicle’s age. For a motor insurance policy, IDV of the vehicle acts as the sum insured. Hence, if the IDV is high, so will the premium be. Also, the IDV depreciates with age, which means motor insurance premiums for a new vehicle will be higher than an old vehicle.
Claim History:-You can avail a discount on your vehicle insurance premium if you have not made a single claim during the term of the policy. No-claim bonus (NCB) is a discount you get in the own-damage premium portion when you renew your motor insurance plan after a claim-free year.
Add-Ons:-Choosing higher number of add-on covers can significantly affect the premium of your vehicle insurance policy. So, select wisely to save money.

BENEFITS OF BUYING/RENEWING MOTOR INSURANCE ONLINE

With advancing technology and higher internet connectivity in India, more and more people are taking the online route to buy vehicle insurance policies. Here’s a look at some of the major advantages of buying or renewing a motor insurance policy online:

Full access to information about policies:-When you buy motor insurance online using an insurance premium calculator, you can choose from a complete list of all the motor insurance policies and add-on covers offered by Liberty General Insurance along with the premium quotes. This helps you make an informed decision and lets you buy the most cost-effective motor insurance for your vehicle.
Transparency:-All important details like cost, exclusions, terms and conditions, etc., are readily available when you buy motor insurance online, making the whole process completely transparent and leaving no scope for hidden costs in your motor insurance.
Saves time:-Without the internet, getting access to complete information about all insurance plans and add-on covers would have required multiple visits to the insurer’s branches. But when buying a vehicle insurance policy online, this information is available at a click of a button, thereby helping you save your valuable time while choosing the right motor insurance.
Customisation:-Buying motor insurance online helps you research all available add-on covers along with their associated cost, thereby letting you design a partly customised motor insurance cover for your vehicle as per your need and budget.
Minimal paperwork:-Buying motor insurance online from Liberty General Insurance is extremely convenient as customers are issued policies instantly with minimal hassles and paperwork. You need to just type in your details, select the plan and make the payment. And since the policy document is sent through an email, you can download it and make copies for back-up. So there are no chances of missing policy documents on your motor insurance as well.
No time restrictions:-Buying a motor insurance policy through an agent or from the branch is possible only during working hours and not on holidays, which can be cumbersome for working professionals. But buying motor insurance online can happen at any time, any day around the year.
Easier payment options:-When you buy/renew motor insurance policy online, you can make payment through several modes like Net banking, credit/debit cards, wallets etc instead of just cash or cheques.
Easy changes to existing policies:-Making changes to an existing motor insurance policy is extremely easy when renewing motor insurance online. You can just choose or drop any add-on cover and your motor insurance premium amount would be automatically adjusted.

THINGS TO CONSIDER WHILE BUYING VEHICLE INSURANCE

Here are a few things to keep in mind while buying your vehicle insurance policy:

Know your requirements:-It is important to know your exact requirements before you start looking for an insurance plan. This includes choosing the type of vehicle insurance cover you want to buy, additional covers that you may want to add, maximum motor insurance premium amount you can afford, etc.
Choose the right insurer:-You should always choose an insurer that offers comprehensive coverage at an affordable price along a good claim settlement ratio. Liberty General Insurance Insurance’s claim settlement ratio stood at 94% during the fiscal year 2019-20.
Check network garages:-Vehicle insurance providers have a network of garages where they provide repairing and servicing of motor vehicles in case of a claim. Always choose a provider with a wide network of garages so that you can avail the facility of cashless claims. Liberty General Insurance has partnered with more than 4,300 garages, spread across the length and breadth of the country, so that you may get your car troubles addressed without worrying about financial repercussions.
Know the full coverage of the policy:-Always check the full coverage extent of your vehicle insurance policy. Does it provide health damage cost coverage or not, is the on-site road repair facility available or not? Knowing specific details will always be helpful while filing claims.

DOCUMENTS REQUIRED TO BUY VEHICLE INSURANCE ONLINE

If you are purchasing motor insurance online, you will need the following:

Your vehicle registration number and a copy of the Registration Certificate
Credit/debit card/net banking details for making online payment

STEPS TO BUY/RENEW MOTOR INSURANCE ONLINE

Buying or renewing your motor insurance online is extremely easy with Liberty General Insurance. Just follow the steps mentioned below:

Visit the Liberty General Insurance Insurance’s website: https://www.libertyinsurance.in/
At the top of the page, you will see the options of various kinds of insurance policies, like Health Insurance, Car Insurance, Two-wheeler Insurance, Commercial Insurance, etc. Click on the kind of vehicle insurance policy you plan to buy/renew.
You will be redirected to the relevant page with two options – ‘Buying online’ and ‘Renew LGI policy’.
If you want to buy a new vehicle insurance policy, click on the ‘Buying online’ button, but if you are an existing policyholder who wants to renew the ongoing Liberty General Insurance policy, then you will have to click on ‘Renew LGI policy’.
On clicking the ‘Buying Online’ button, you will be asked to submit details like the valid registration number of your vehicle, your name, mobile number and email.
Then you will have to furnish some other details like all necessary identification documents and vehicle details.
After that, you will get a complete list of all types of vehicle insurance policy covers and add-on covers offered by Liberty General Insurance along with the premium quotes. Choose the relevant ones as per your requirement.
If you are renewing the motor insurance policy, you will be asked to enter your insurance number and your vehicle’s registration number.
Lastly, you will be given the payment option, following which you will be redirected to a payment gateway. You can make the payment through credit/debit card, Net banking or wallets.
Once the transaction is completed, the policyholder would have to wait for the acknowledgement that the payment went through. An acknowledgement will be displayed and an email confirming the buying/renewal of motor insurance will be shared.

At Liberty General Insurance, as soon as you complete your transaction online, you get immediate access to your new motor insurance policy as the same is sent on your email ID instantly

MOTOR INSURANCE FAQ

General

Q1. Is it mandatory to have vehicle insurance in India?

Answer. You must get at least a third-party car or bike insurance policy in India. It is a statutory requirement as per the Motor Vehicles Act, 1988.

Q2. Is it required to renew vehicle insurance every year?

Answer. Yes. Insurers generally offer a vehicle insurance policy for 12 months. This needs to be renewed every year. However, Liberty General Insurance also offers multiyear motor insurance policy for two-wheelers where you can pay the premium once and enjoy the policy benefits for up to 3 years.

Q3. When I buy a new motor insurance policy, should I purchase a third-party or comprehensive vehicle insurance?

Answer. Third-party vehicle insurance is mandatory in India. But you should buy a vehicle insurance policy according to your requirements. The Liability-Only policy in motor insurance covers third-party liability exclusively, so you will not be able to claim any damage to your vehicle. Hence, it is advisable to buy comprehensive cover motor insurance as it protects you and your vehicle against accidental damages or losses.

Q4. Does Liberty General Insurance’s vehicle insurance come with a personal accident cover?

Answer. Yes. Liberty General Insurance offers personal accident cover to the owner/driver with its motor insurance policy. However, you can also purchase an add-on personal accident cover for your passengers by paying extra premium. However, this personal accident cover is not provided in the case of third-party liability policies.

Q5. What happens to motor insurance policy if I sell the vehicle to another party?

Answer. There are multiple options available in case you sell the insured vehicle to another party. But the decision depends entirely on the new owner of the vehicle and whether they want the policy transferred to their name, or if they want to buy an entirely new policy. The buyer can choose to transfer the vehicle insurance policy to his/her name as a part of the sales process by furnishing relevant documents such as the sale deed, seller’s no-objection certificate, etc. Otherwise, the motor insurance can also be cancelled at the time of sale, allowing the new owner to buy a new policy later. Any no-claim bonus can be transferred towards a new motor insurance policy should you choose to purchase a new vehicle.

Q6. Is my no-claim bonus (NCB) fully transferable?

Answer. Yes, it is transferable. An NCB can be transferred from one vehicle to another vehicle. It can also be transferred from one insurance company to another insurance company. However, you cannot transfer it from a bike to a car and vice-versa.

Q7. How do I register a vehicle insurance claim with Liberty General Insurance?

Answer. You can register your vehicle insurance claim at Liberty General Insurance either by calling us on 1800 266 5844, or registering on the vehicle insurance claims online on our website.

Q8. What documents are needed to file motor insurance claims?

Answer. The claims process depends on the type of claim and the type of motor insurance. In case of a motor insurance policy, you will need to get a copy of the police report, if it is applicable. Apart from this, you will need all your basic vehicle-related documents. You will need photos of the damage done to your vehicle too. Repair bills are also required during the claim.

Q9. Are electrical and non-electrical accessories covered?

Answer. All electrical and non-electrical accessories will be covered under Liberty General Insurance vehicle insurance policies as follows:

Electrical accessories:- Electrical accessories which aren't factory-fitted will be covered under the vehicle insurance policy on payment of additional premium.
Non-electrical accessories:- Any non-electrical equipment which is not factory-fitted will be covered under non-electrical accessories at an additional premium.

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